Bank of America Announces Expansion of Apprenticeship Programs
Bank of America is ramping up its efforts in skills-based hiring, revealing on Thursday plans to add 1,000 apprentices over the next two years and invest $150 million in workforce development initiatives.
Headquartered in Charlotte, North Carolina, the bank noted that the new apprenticeship roles will cover various sectors, including consumer banking, technology, and operations. This builds on the over 800 apprentices it currently employs each year through work-based learning schemes.
“This is just one more way we’re contributing to cultivating a skilled workforce for the future,” Bank of America’s CEO, Brian Moynihan, shared in a statement. He emphasized that their programs are designed to broaden opportunities and help individuals acquire the skills necessary to thrive in their careers.
Moynihan also expressed appreciation for the reformative approach the Department of Labor is taking, mentioning that it could lead to more opportunities for the private sector to enhance their contributions.
The timing of this announcement aligns with a growing trend where employers across various industries are increasingly prioritizing skills and experience over traditional college degrees. Interestingly, approximately 40% of Bank of America’s new hires currently don’t hold a bachelor’s degree.
Furthermore, the bank has plans to hire 10,000 veterans over the next five years and another 8,000 people from community colleges.
Alongside the hiring expansion, Bank of America is committing to a $150 million investment over the next five years directed toward workforce development organizations, aiming to equip people with skills that are in demand and link them to job opportunities.
This initiative follows nearly $40 million previously dedicated to workforce development in the last year, which included partnerships with over 100 educational institutions and more than 600 nonprofits.
Acting Secretary of Labor Keith Sonderling commented positively on the bank’s initiative, stating that American workers deserve the chance to build successful careers locally. He praised Bank of America for its focus on programs that prepare Americans for high-skilled jobs while simultaneously assisting employers in strengthening their local workforces.
The apprenticeship initiative is part of a broader strategy from Bank of America to bolster its workforce while also benefiting the U.S. economy. Just last month, they announced a $250 billion plan intended for infrastructure investments, which includes projects like data centers and transportation. Earlier in the year, the bank had also disclosed plans to recruit nearly 4,000 summer interns and full-time campus hires.
